S. 50C : Capital gains-Full value of consideration-Stamp valuation-Option deposit-Option agreement for sale of twenty (20) flats in its residential project with its group entity-Addition on sale of those flats to third parties to sales value declared were unjustified. [S. 28(i)]
S. 48 : Capital gains-Computation-Debentures of company-Bonus debentures-Reinvested-Reinvested out of dividend would be considered as cost of acquisition of debentures. [S. 2(22)]
S. 43B : Deductions on actual payment-Leave encashment-constitutional validity of section 43B(f) had been upheld by Supreme Court-Disallowance is up held. [S. 43B(f)]
S. 43B : Deductions on actual payment-Business of micro-financing-Acquired loan from three banks-Interest was not paid before due date of filing of return-Disallowance is held to be justified. [S. 43B(e), 139(1)]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Burden is on Revenue-Order of CIT(A) is affirmed.
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Hived off its hire purchase and leasing business to a special purpose vehicle (SPV)-Assigned corresponding receivables together with bank liabilities to SPV at book-Liable to repay-Not chargeable to tax-Bank claimed as bad debt-No outstanding due from Bank in the books of account-Addition cannot be made. [S. 145]
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Civil contractor-Material purchase and labour payments-Payment in excess of Rs. 20,000-Failure to prove exception-Disallowance is justified. [S. 263, R. 6DD]
S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Addition was deleted by CIT(A) in earlier year-Revenue has not challenged the order of earlier year-Addition was deleted. [S. 254(1)
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contribution to Turf Authorities of India for conducting an event-Meet expenditure-Not liable to deduct tax at source-Subsidies to promote horse racing-Failure to mention which section of TDS provision is applicable-Addition was deleted.
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Advertisement services-Payment to Irish company-No Permanent Establishment in India-Not liable to deduct tax at source-DTAA-India-Irish. [S. 9(1)(i), 195, Art. 7]